The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Crown Castle International Co...
March 02 2020 - 12:00PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Crown Castle International Corp.
(“Crown Castle” or the “Company”) (NYSE: CCI) securities between
February 26, 2018 and February 26, 2020, inclusive (the
“Class Period”). Crown Castle investors have until April 27,
2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On February 26, 2020, Crown Castle announced that it would
restate its financial statements for the years ended December 31,
2018 and 2017 and for the first three quarters in the year ended
December 31, 2019. According to the press release, the Company had
recognized service revenues from its tower installation services in
a manner that "was not acceptable under GAAP."
On this news, the Company’s share price fell $14.38 per share,
or over 8.8%, to close at $148.31 per share on February 27, 2020,
thereby injuring investors.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose that: (1) Crown Castle’s internal control over financial
reporting and disclosures controls and procedures were ineffective
and materially weak; (2) Crown Castle's financial accounting and
reporting was not in accordance with GAAP; (3) Crown Castle’s net
income, adjusted EBITDA, and AFFO were inflated; (4) Crown Castle
would need to restate its financial statements for the years ended
December 31, 2018 and 2017, and unaudited financial information for
the quarterly and year-to-date periods in the year ended December
31, 2018 and for the first three quarters in the year ended
December 31, 2019; and (5) as a result, Defendants’ statements
about its business, operations, and prospects were materially false
and misleading and/or lacked a reasonable basis at all relevant
times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Crown Castle securities during the Class
Period, you may move the Court no later than April 27, 2020
to ask the Court to appoint you as lead plaintiff. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you purchased Crown Castle
securities, have information or would like to learn more about
these claims, or have any questions concerning this announcement or
your rights or interests with respect to these matters, please
contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999
Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at
310-914-5007, by email to info@frankcruzlaw.com, or visit our
website at www.frankcruzlaw.com. If you inquire by email please
include your mailing address, telephone number, and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200302005334/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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